Fast-growing Bristol headquartered fulfilment business Huboo has raised £60m in investment to help it expand its eCommerce support services into Europe. The business launched in 2017 and now has more than 1000 customers and over 250 employees.
Having opened four warehouses in and around Bristol, it is now looking to scale its ‘micro-hub’ model through Europe. It opened its first site in Eindhoven in The Netherlands and is set to open another in Madrid. It has now announced the close of a £60m Series B funding round, led by Mubadala Capital, the financial investment arm of an Emirati state-owned sovereign wealth fund.
The new investment adds to £14m Huboo raised in a Series A round last year, taking its funding total since April 2019 to nearly £80m. Huboo said the funds would fuel its planned expansion into continental Europe.
Martin Bysh, co-founder and chief executive of Huboo, said: “We’re thrilled to have Mubadala on board and are looking forward to developing our plans. This raise enables us to roll out our proposition on a wider international scale, as well as expand our service offering, continue our software development and further invest in our growing team. By taking care of the complexity of fulfilment, our goal is to enable seamless, borderless trade for e-commerce businesses of all sizes.”
Fatou Bintou Sagnang, partner at Mubadala Capital Ventures, said: “Huboo’s product solves one of the most critical pain points for e-commerce companies – while order fulfilment is a core function for these companies, it is not part of their core competency. By combining logistics with a user-friendly software platform, Huboo delivers a superior fulfilment experience and allows businesses of all sizes to continue focusing on core activities such as product development while managing growing demand from their customers.”
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